Regional conference on money laundering and anti-terror financing opens in Damascus

A two-day regional conference on 'Developing an Adequate System of Money Laundering and anti-Terror Financing' was opened in Damascus Wednesday, organized by the Central Bank of Syria (CBS) with the cooperation of the Monetary Work Group for Middle East and North Africa, the World Bank and the International Monetary Fund (IMF).

Governor of the CBS, Adib Mayyaleh, said in an opening speech that Syria had already recognized importance of enhancing the role of monetary system in fighting money laundering, and subsequently Damascus was one of the founding countries of Monetary Work group For Middle East and North Africa.

He added that Syria had also joined the International Agreement for Fighting Terrorism Financing.

Mayyaelh said Syria issued the legislative decree No. 59 for 2003 on fighting money laundering and then the document was amended this year to go in line with the forty recommendations adopted by the Monetary Group Work ( Fatf ) and the nine recommendations on fighting terrorism financing, in addition to amending the secret banking law.

He added that the Syrian Commission for Fighting Money Laundering and terrorism Financing did its best to protect Syrian banking sector from illegal money.

The conference groups countries in the Middle East and North Africa.

For his part, Executive Secretary of the Monetary Work group For Middle East and North Africa, Adel al-Qalish, said in a speech that money laundering and terrorism funding are two inter-connected crimes that threaten world security and poses grave dangers for our societies, particularly under this globalized world.

Walish briefed the participants on the international procedures and steps taken to fight money laundering and terrorism financing, calling for a more active systems to fight such crimes.